How much salary hike your employer is planning in 2023? Crucial report drops key revelations
The rise in salaries in India in 2023 is expected to be slightly lower than the last year, Ernst & Young's 'Future of Pay' survey revealed. While the actual average rise in the salaries of Indian employees was noted at 10.4 per cent, the E&Y's projection pegs the average increase in salaries at 10.2 per cent in 2023 across all job groups.
The e-commerce sector employees are likely to take home the biggest pay-raise in 2023. This comes after a spree of layoffs by some of the world's biggest e-commerce players in the past few months, leaving thousands of their employees operating from India without jobs. The e-commerce employees in India are expected to have the highest salary growth at 12.5 per cent.
After the members of the workforce employed by the e-commerce companies, the professional services are expected to give their employees an average salary increase of 11.9 per cent. The IT sector (Information Technology) employees are pegged to take home an average salary increase of 10.8 per cent in 2023.
Variable payout 2023: What to expect?
The average variable payout as a proportion of total compensation was 15.6 per cent in 2022. In 2021, amid COVID-19 pandemic, it was just 14 per cent. Banks and financial institutions had the highest overall variable pay-out percentage of 25.5 per cent. The emphasis on performance-based incentives was more in the financial sector. The telecommunications sector had a lesser variable pay-out percentage of 13.7 per cent, a little less than other sectors.
Jobs of present: What is in demand in 2023?
The jobs in the emerging sectors of the future that continue to evolve the current world around us are pegged to remain in demand in 2023. The sectors such as Artificial Intelligence, Machine Learning and Cloud computing skills are likely to remain in higher demand.
Sectors such as e-commerce, renewable energy, digital services, telecommunications, educational services, retail and logistics and financial technology will remain the most promising emerging job sectors in India in 2023. All these sectors have varying degrees of promising forecasts for growth in 2023.